Elliott wave analysis of The Nikkei 225 Index - Short term count

Nikkei 225

I have had some question regarding The Japaneses Nikkei 225 lately, so I have taken a closer look at it on the hourly chart.

It seems as we currently are Building an X-wave, which will find strong resistance near 14,492. Once this X-wave is over we should expect a new zig-zag correction lower towards strong support near 11,806, which marked the bottom of wave iv of one lessor degree.

However, once is ongoing correction from 15,943 is over we should see wave 5 higher to above the former wave 3 high at 15.943, but for now, we should focus on getting this X-wave finished and then one more decline towards the downside close to 11,806 and the up.